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Regulator notifies framework for enabling ancillary services at IFSC

By TIOL News Service

NEW DELHI, FEB 11, 2021: CONSIDERING the importance of professional and other service providers for the development of financial products, financial services and financial institutions in the International Financial Services Centres (IFSC), a framework for enabling ancillary services has been notified.

The Ministry of Finance said on Thursday that the framework, formulated by the International Financial Services Centres Authority (IFSCA) covers services including legal, compliance, secretarial, audit, accounting, bookkeeping, taxation, consulting and assets management supports services among others.

"The framework details the activities of permissible ancillary services, eligible entities, service recipients, and others," said the circular.

Some of the rules include service providers transacting in freely convertible foreign currency only. However, they may defray their administrative expenses in rupee by maintain an account. All financial information to the IFSCA must be in U.S. dollar, unless otherwise stated.

In case of default or failure to comply with the framework, the IFSCA may take appropriate action after giving a reasonable opportunity to make its written submission.


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